PAGP files 8-K — Item 2.02 Results of Operations

Plains GP Holdings, L.P. (PAGP) filed an 8-K (SEC accession number 0001581990-26-000015) on May 8, 2026 at 08:49:25 ET, disclosing Item 2.02, which the SEC defines as results of operations and financial performance for a completed or interim reporting period.

What was filed

This filing is accessible via the provided SEC EDGAR link, and Item 2.02 is the standard regulatory form for disclosing material non-public financial results that have not been previously made public. For the $4.7B market cap midstream energy firm PAGP, this filing typically accompanies an official earnings press release for the most recent quarterly reporting period. No additional SEC items were disclosed in this 8-K, per the provided filing details.

The disclosure

The filing aligns with the May 8, 2026 earnings date listed in PAGP’s public earnings history, meaning the Item 2.02 update covers Q1 2026 financial performance. Per the available earnings data, the company reported Q1 2026 total revenue of $12.47 billion, which is 6.4% above the consensus analyst estimate of $11.72 billion. Notably, the earnings history indicates that diluted EPS figures for the quarter have not been disclosed as of the filing date, even as revenue results were made public.

Cross-reference with prior signals

This earnings beat does not coincide with any recent shifts in analyst sentiment: as of May 1, 2026, and each month going back to February 1, 2026, PAGP’s analyst rating distribution has remained static at 7 Buy, 5 Hold, 1 Sell, and 2 Strong Sell ratings, with no new rating actions announced in the 30 days prior to the filing. There have also been no new insider transactions since August 18, 2025, when three directors (Lawrence Michael Ziemba, Bobby S Shackouls, and John T Raymond) executed multiple exempt equity award transactions totaling 78,800 combined shares with no cash exchange. Additionally, the most recent 13F data as of December 31, 2025 shows institutional ownership of 75.1% of PAGP’s float, with a net reduction of 13 institutional holders over the prior quarter, alongside 27 new positions, 150 increased positions, 96 reduced positions, and 39 fully closed positions.

What this filing does NOT tell us

First, the Q1 2026 diluted EPS figure, as the earnings history lists EPS actual as "None" as of the May 8, 2026 filing date. Second, detailed segment-level financial breakdowns for PAGP’s Crude Oil and Natural Gas Liquids segments, which would be required to evaluate the relative performance of each core business line. Third, updates on the ongoing NGL sale process referenced in the May 5, 2026 GlobeNewswire press release, as Item 2.02 does not cover strategic corporate actions or M&A updates, which require separate SEC filings.